For the first time since April 2014, New Home Sales have fallen YoY for 2 consecutive months. The 6.1% drop YoY in February is the biggest annual drop since June 2014 and confirms recent housing data weakness. Average new home prices fell to $348,900 – the lowest since August.
The housing “recovery”… Only The West saw an increase in sales (151k from 109k) as Northeast (-24%), Midwest (-17.9%) and South (-4.1%) all tumbled.
But annual growth is tumbling…
Historic revisions (to 502k from 494k) made the 512k SAAR look like a beat (over 510k) but the MoM gain of 2.0% missed expectations of +3.2%.
The decoupling between soaring debt-funded median purchases price and sales remains:
And while median prices rose, average prices dropped to the lowest since August:
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